CAPITEC BANK HOLDINGS LIMITED - Capitec Bank: issuer credit ratings affirmed and stand-alone credit profile raised

Capitec Bank: issuer credit ratings affirmed and stand-alone credit profile raised

Capitec Bank Holdings Limited
Registration number 1999/025903/06
Incorporated in the Republic of South Africa
Registered bank controlling company
JSE ordinary share code: CPI ISIN code: ZAE000035861
JSE preference share code: CPIP ISIN code: ZAE000083838
("Capitec")

Capitec Bank Limited
Registration number 1980/003695/06
Incorporated in the Republic of South Africa
Registered bank
Company code: BICAP

("Capitec Bank")

CAPITEC BANK (THE WHOLLY OWNED SUBSIDIARY OF CAPITEC): ISSUER
CREDIT RATINGS AFFIRMED AND STAND-ALONE CREDIT PROFILE
("SACP") RAISED

On 28 May 2024, S&P Global Ratings ("S&P") affirmed Capitec
Bank's global scale issuer ratings of 'BB-/B' along with the
South Africa national scale ratings of 'zaAA/zaA-1+'. The
outlook remains stable, reflective of the South African
ratings.

S&P raised Capitec Bank's SACP by one notch from "bb" to "bb+"
following their positive assessment of Capitec Bank's business
profile. Their improved rating is based on Capitec's continued
diversification of revenue through increased product offerings
and target markets via the new business banking and retail
insurance divisions. S&P noted that transaction income,
funeral insurance, business banking and value-added services
contributed 62% to operating income in February 2024, up from
24% in August 2017 and commented that this "maintains revenue
growth and earnings stability during economic downturns".

S&P advised that Capitec Bank's ratings would be lowered or
raised over the next 12 months in line with action taken on
the sovereign's ratings.

30 May 2024
Stellenbosch

Capitec Equity Sponsor: PSG Capital Proprietary Limited
Capitec Bank Debt Sponsor: PSG Capital Proprietary Limited

Date: 30-05-2024 10:30:00
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